With the legalization of sports betting in 2022, Massachusetts is poised to join the national gambling industry. But while it’s easy to see how people can lose money, the industry also offers lucrative opportunities for those who know how to play the game right. The key is understanding the different types of wagers, popular terms and strategies for smarter betting.
The most basic type of bet is a moneyline wager, where you place your bet on the team or individual player you think will win. The odds are set by the bookmakers, and they’re based on the probability of that outcome happening. Odds are displayed as positive (plus) or negative (minus), which can be confusing for those new to sports betting. A plus sign means the team or player is a favorite, while a minus sign indicates they’re an underdog.
A common mistake among newcomers to sports betting is making a bet based on emotion. This can lead to chasing bad bets, which can quickly wipe out a bankroll. The best way to avoid this is to establish a bankroll and stick with it, ideally risking 1% to 5% of your total bankroll on each bet.
In addition to a bankroll, it’s important to have a strategy for placing bets and understand how the market works. A good rule of thumb is to not bet on teams or players that you have strong feelings for, and instead focus on the numbers and unique circumstances.